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 LUXEMBOURG (AP) - The European Central Bank left its benchmark interest rate unchanged at 1 percent Thursday, preferring to wait and see if its "spectacular" infusion of credit into the banking system will loosen lending to consumers and businesses in the euro zone's struggling economy.
Bank President Jean-Claude Trichet said the ECB was pleased by the demand for its record euro442 billion ($623 billion) in 12-month credits to banks last week, but wouldn't comment about what more it might do. The new loan program comes on top of cutting the bank's main interest rate from 4.25 percent to 1 percent since October.
The ECB sets interest rates for the 16 countries that use the euro, a bloc of some 320 million people that accounts for nearly 17 percent of the world's economic output.
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